IOTA signed a memorandum of understanding with Norway’s Largest Bank

Home » IOTA signed a memorandum of understanding with Norway’s Largest Bank

A press released published on Thursday 31st May, announced, Den Norske Bank (DNB ASA) that Norway’s largest bank, signed a memorandum of understanding with IOTA Foundation (IOTA). It is now believed that DNB and IOTA will collaborate exploring IOTA Tangle applications, a “third-generation” distributed ledger (DLT).

The expectations following this news are that both IOTA and DNB will partake in exploring new business models for their industries. In an interview, Lasse Meholm, Head of DLT at DNB commented that the bank’s goal is to understand better this new technology. Moreover, staff members facing clients at the bank can find new opportunities for new use cases.

He continued to add: “Among other things, the technology is designed to handle hundreds of thousands of microtransactions per second. We will not let go of the market associated with this ecosystem that arises around these transactions.”

IOTA hopes for a better relationship with Norwegian Banks.

In a court case in May, Nordea Bank won a case against a Norwegian crypto exchange (Bitmynt AS) for closing their account. The rhetoric brought up in court was that Bitmynt could have been using mechanisms for laundering money.

In fact, IOTA’s founder David Sønstebø stated that IOTA wishes that Norwegian banks will soften their take on the crypto industry. He continued by saying that “I hope and believe it. The IOTA Foundation will contribute to separate useless crypto-projects from the serious ones.”

Around the world, a number of financial institutions and banks are looking into the power of blockchain technology. Recently, Canada’s central bank, Toronto Stock Exchange operator TMX Group, and an NGO Payments Canada have concluded a test on how blockchain technology is an effective platform for instantaneous securities settlements.